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VA Home Loans - Detail Verified 08/23/10 Last Updated 04/07/2008

Program Overview

VA Home Loans - Detail Verified 08/23/10 Last Updated 04/07/2008 is a program that provides Veterans a loan with no down payment requirement. This program is available to Veterans anywhere.

Who is eligible for this program?

Veterans of military service. To be eligible for a VA loan you must have a Certificate of Eligibility, which determines the maximum loan for which you are eligible. The Certificate of Eligibility is normally issued shortly after discharge from the military in which that is verified by the DD214 form Is this program for first time buyers only? No

Property Eligibility Requirements

This program has no restrictions on location. The sales price cannot exceed $417,000. Allowable property types: single family, condo, townhouse, 1-4 family properties

Benefit Details

The loan maximum may be up to 100% of VA-established reasonable value of property plus the applicable VA funding fee for a max LTV of 103%. For resale, purchase or new construction. A VA-assigned appraiser must be used. Maximum loan limit is $417,000. Subsequent use of VA Benefit increases funding fee to 3.35%. Benefit: No down payment, no cash reserves required. Homebuyer Counseling / Education Required: No Owner Occupancy Required: Yes Other Program Comments: For resale purchase or new construction.

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